Korbit charges a withdrawal fee amounting to 0.001 BTC when you withdraw BTC. This is in line with the global industry average and also in line with the South Korean industry average. When it comes to...

Korbit charges a withdrawal fee amounting to 0.001 BTC when you withdraw BTC. This is in line with the global industry average and also in line with the South Korean industry average. When it comes to withdrawal fees, Bithumb and Coinnest also charge 0.001 BTC, whereas Coinone and GoPax offer lower withdrawal fees (0.0005 BTC and 0.0001 BTC, respectively) and Coinrail’s withdrawal fees are twice as high (0.002 BTC).

Summary

The KorBit company is the first cryptocurrency digital exchange house in South Korea to provide its citizens the option of being able to conduct transactions between Bitcoin and KRW. KorBit offers service from different currencies, both classic Korean fiduciary as well as offering a platform for the trade to cryptocurrencies. This Korean exchange house remains at the top of the ranking of Korean exchanges with its strong momentum of quite high trading volumes.

This exchange was founded in mid-2013 by Kangmo Kim, Louis Jinhwa Kim, and Tony Lyu, with its headquarters in the city of Seoul. Some key features of Korbit are its' 11 different trading pairs that are translated into 11 different crypto-enabled interfaces to be exchanged for the Korean currency KRW. KorBit has volumes of over $100M+, automatically transforms into an excellent exchange house for all those people who wish to operate with the KRW towards virtual currencies like Bitcoin. The exchange also has an official API which is designed to facilitate the automated trading process of its customers.

The interface is an austere white with blue reflections and black text. And, interestingly, a more subtle blue has replaced the usual green used to mark a strengthening market. The trading page lacks a graph of the currently selected cryptocurrency but has a front and center order placement form. Featured is a 'use all currencies' button that is of questionable utility and security. Continuing the page from the order form is a portfolio of orders and business history. Below is a list of your currently open orders. The balances are shown at the top of the page, conveniently with their equivalent KRW that goes a little below them.

An important aspect to mention is that KorBit is one of the oldest cryptocurrency exchanges in Korea. It has gained the trust of its users building in this way a solid reputation while still being very popular despite its years since its launch. That said, I also have to comment on some other detail that is not very positive since the internal focus to which this house of change is oriented, that is, only in Korea. The conditions of the trade that are carried out within this platform are always solid and transparent in combination with the different lists of instruments that the interface has an addition to accepting a bunch of cryptocurrencies, also the platform is very clean and elegant at the same time in which all their commissions are balanced and updated with respect to the rates of their main rivals.

Advantages

All commissions required within the KorBit platform are converted into different categories, which range from the "manufacturer" category and the "beneficiary" category. All those people who open trades or put on sale some digital currency are considered traders, while buyers are those who are always in search of a better price and when they find it they immediately make the corresponding investment available. The rates in KorBit are from 0.08% to 0.20%. It may be a bit smaller if you work with large sums of money within KorBit.

Excellent customer protection systems: The KorBit development and protection team confirms that majority of its capital are secured 24 hours a day in cold or disconnected vaults. This is not the only measure taken by the company, others are authentication of two factors and levels of verification tier, but this measure is the most applied in many companies and increases the security of wallets.

It has a good reputation on the net: Although opinions found on the internet about KorBit are rare, they are all positive. The company seems to operate legitimately, aside from having a good and reasonable commission, most of its clients are very grateful for their services in addition to giving them their full confidence and support.

Disadvantages

This Korean exchange house has a minimum commission for the exit of funds from the interface. Despite not seem to be very high numbers, there are, but as we all know those commissions, fees or taxes on transfers made in the blockchain are somewhat annoying.

KorBit has a clear focus and orientation towards the citizens of South Korea, it is due to this that in the digital interface of the same we will never find another fiduciary currency different from the KRW since this is the one of official use in said Korean lands, KorBit has an excellent potential and if its creators begin to direct their capacity towards other horizons without doubts it would have a good acceptance.

Conclusion

Korbit was the first to offer purchase of cryptos using fiat currency in South Korea with a strong venture capital backing. It has maintained a quality service since 2014. The platform can actually consider servicing globally. Preferably a mobile app as well for more convenience.